Minnesota Housing Shows Sixth Straight Month of Increases
The newest housing report from the Minnesota Association of REALTORS® shows that the last month of summer vacation was good to the housing market. The latest numbers continue the same trends as in previous months – increases in closed sales, median sales prices and average sales prices. The overall inventory in our state remains low.
Home sellers across Minnesota saw prices go up in August 2012 and received 93.2% of their initial asking price compared with 90.2% in August 2011. The latest numbers from August show the median sales price statewide was $156,000. That was up 11.5% compared to the same time last year. The median price was up more than 6% year-to-date. August was the sixth straight month of price increases in Minnesota.
“Not only are the sales prices increasing but the days on the market for listed properties has decreased by 14.4% from last year at this time” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “Home sellers are getting more for their homes and are finding they are able to sell them faster than the same time last year.”
Median Sales Price: August 2012 compared to August 2011
7 County Metro Region +14.4%
Arrowhead Region +1.8%
Central Region +12.5%
East Central Region +7.5%
Headwaters Region -3.9%
North Central Region +20.8%
Northwest Region +37.9%
South Central Region 0.0%
Southeast Region +9.4%
Southwest Central Region -0.2%
Southwest Region +6.8%
Upper MN Valley Region +20.0%
West Central Region +7.6%
Pending sales also continued to move in the right direction with a 1.5% increase from August 2011. Homebuyers and sellers closed on 8,665 properties in August in Minnesota – that’s up 6% from last year.
“The housing numbers through Minnesota’s busy summer selling season have been positive,” said June Wiener, President of the Minnesota Association of REALTORS®. “As we move into the fall season, we hope buyers and sellers will continue to consider a move to new home.”
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 19,000 members who are active in all aspects of the real estate industry.